1. (a) The department may transfer state property to a person in exchange for property of like value transferred by the person to the state:

   1. (1) to:

      1. (A) settle a dispute relating to either or both of the properties; or

      2. (B) improve:

         1. (i) the state's ability to manage state property; or
         2. (ii) access to state property; and

   2. (2) without offering to transfer the state property:

      1. (A) to state agencies, state educational institutions, or a political subdivision under this chapter; or
      2. (B) after a sale of the property under this chapter.
2. (b) The department must establish that properties exchanged under this section are of like value through appraisals or other means approved by the commissioner.

As added by P.L.267-1999, SEC.9. Amended by P.L.33-2011, SEC.1.